President Donald Trump tweets that he is working on a new, competetive health system, and backs a plan by Republicans to replace the Obamacare. Fred Katayama reports.
President Donald Trump's tweet injecting pressure on drug stocks. He tweeted: "I am working on a new system where there will be competition in the Drug Industry. Pricing for the American people will come way down!" That tweet sent down shares of big drugmakers and biotech companies like Pfizer, Merck, and Amgen. Manhattan Institute health policy director Paul Howard. (SOUNDBITE) PAUL HOWARD, SENIOR FELLOW, DIRECTOR OF HEALTH POLICY, MANHATTAN INSTITUTE, (ENGLISH) SAYING: "The worst-case scenario from the industry's perspective is that we're gonna see some version of drug price controls in Medicare, other attempts to limit marketing,. I don't think that that's how things are actually going to play out, but the market, I think, is reacting to uncertainty right now, and Trump saying he has a plan without any details in the plan." Separately, Trump backed a new plan by House Republicans to replace Obamacare. It would eliminate the requirement that most Americans obtain medical insurance. Instead, it would create a system of tax credits so they can buy private insurance on the open market.